By Yu Jun
The Shanghai Futures Exchange (SHFE) and China Minsheng Banking Corporation Ltd. (CMBC) signed a strategic cooperation agreement in Shanghai on November 5, with an aim of expanding the futures market’s financial services.
According to the agreement, both sides will, in line with the “Opinions on Future Promoting Sound Development of Capital Market” released by the State Council, earnestly promote the construction of the futures market and conduct multi-cooperation in terms of services, products, channels, resources, training, and research. Besides, in light of their own business characteristics and competitive edges, they will not only expand the futures market with larger coverage of financial services, but also enhance financial institutions’ capacity of serving the futures market.
The SHFE is committed to making itself a leading trading place in Asian-Pacific region for commodity futures, share options, and other derivatives with global influence. It has already launched 12 products, covering such bulk commodity fields as nonferrous metals, precious metals, ferrous metals, and energy and chemical industry. In 2013, the trading volume of the SHFE accounted for 15.87% of the total trading volume of commodity futures and share options, ranking the 4th in the world.
CMBC has, according to its market positioning of “becoming the bank for private enterprises, micro and small enterprises, and high-end customers”, actively promoted the adjustment of its management structure, organizational system, and business structure, and the construction of a technological platform, and it is striving to building itself into a distinctive bank and an efficiency bank.
Financial industry insiders believed that the cooperation of the SHFE and CMBC has demonstrated the cooperation among general financial institutions in such fields as improving a multi-level capital market system, optimizing resource allocation, and promoting the transformation and upgrading of the futures market under the background of the marketization and internationalization of China’s financial industry
Liu Nengyuan, President and CEO of the SHFE, and Mao Xiaofeng, President of CMBC, attended the signing ceremony.
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